Need advice on debt

[lovestarrie]

Oh dear, payday loans are really scary!
https://youtube/hSx8uCK04Oo

391% interest??? (edited)

No wonder, the exorbitant interest proofed so lucrative that even Cash Converters wants a piece of the action:
http://mobile.abc.net.au/news/2017-02-28/asic-investigation-into-cash-converters-inadequate/8309870

Never take these kinds of loans for any reasons...especially to YOLO!

Basically its a 14% interest rate. 10% deducted from loan amount, and the remaining 4% will be added on to the repayment amount.

 

[ELKYme]

IF both of them can’t help to stop the interest from building up immediately,

you have NO CHOICE but to swallow the bitter pill and ask your hubby/family to loan you first to immediately clear away this loan.

The interest is really ridiculous.

He earns. But just that i dont dare to ask him for help, ive no idea why. I just dont dare to. I just gave Silver Lining a call, and they mentioned they will check and see if theres a slot for me so i can go over later on. Hopefully there is. Sigh.

 

[ELKYme]

Is that (14%) based on monthly or yearly interest?

Basically its a 14% interest rate. 10% deducted from loan amount, and the remaining 4% will be added on to the repayment amount.

 

[lovestarrie]

IF both of them can’t help to stop the interest from building up immediately,

you have NO CHOICE but to swallow the bitter pill and ask your hubby/family to loan you first to immediately clear away this loan.

The interest is really ridiculous.

Basically i dont accumulate, i still pay on time every month. I just need them make it into a instalment plan so i can clear them fast.

My family is a single parent and is not well to do financially. My partner helped me once previously, but now im into this again. I acknowledge that i need help, thats why im seeking help with the respective counsellor, i also told my partner that i will surrender everything to him, my pay, my cards, everything so he can manage my money for me. But as we know, he is still very angry with me now. Definitely doesnt trust me anymore. I dont blame him because even i cannot trust myself.

 

[lovestarrie]

Have you tried calling either to ask if they can help?

Just secured an appointment thus afternoon with Silver Lining. Hopefully they can help.

 

[ELKYme]

Good plan. Let your other half manage all money matters for the time being.

I’ll also humbly suggest that both of you see a marriage counseller to help so that your marriage will not be at risk:

https://www.msf.gov.sg/policies/Marriages/Pages/Marriage-Counselling.aspx

Excuse me for being direct, believe you may also need help because there may be an underlying medical condition that causes you to spend money recklessly. So it may be something you do not have control over currently. Ask the marriage counseller for advise on where to seek help for this as well.

Moving forward, once you are able to get a handle on this spending problem and slowly build back the trust of your hubby, you can than takeover the responsibility of your own finances.

Basically i dont accumulate, i still pay on time every month. I just need them make it into a instalment plan so i can clear them fast.

My family is a single parent and is not well to do financially. My partner helped me once previously, but now im into this again. I acknowledge that i need help, thats why im seeking help with the respective counsellor, i also told my partner that i will surrender everything to him, my pay, my cards, everything so he can manage my money for me. But as we know, he is still very angry with me now. Definitely doesnt trust me anymore. I dont blame him because even i cannot trust myself.

 

[lovestarrie]

Good plan. Let your other half manage all money matters for the time being.

I’ll also humbly suggest that both of you see a marriage counseller to help so that your marriage will not be at risk:

https://www.msf.gov.sg/policies/Marriages/Pages/Marriage-Counselling.aspx

Excuse me for being direct, believe you may also need help because there may be an underlying medical condition that causes you to spend money recklessly. So it may be something you do not have control over currently. Ask the marriage counseller for advise on where to seek help for this as well.

Moving forward, once you are able to get a handle on this spending problem and slowly build back the trust of your hubby, you can than takeover the responsibility of your own finances.

Yar, thats what i thought, if i cannot control my own finance, i would let him control it for me. Maybe when everything goes through him, i wont spend on unnecessary stuffs again since need to go through him for my allowances.

Not sure if he will agree to visit the counsellor though. Dont dare to bring it up at the moment. Will see what Silver Lining says later on when i go over.

 

[ELKYme]

Good idea!

In that case let’s put the marriage counselling suggestion on the back burner for the time being (KIV). Maybe you can say & do positive things to pacify your hubby and make him feel that he’s the VIP of your life...,Should things not go as plan, it is another option.

Letting your hubby manage all money matters should only be a temporary measure because it is like curing the symptom and not the disease (like taking Panadol for a flu).

As you already have recognised that you have a control issue when it comes to spending, why not also consider seeking professional help for it?

Once the root of your problem is treated you can then move on to managing your own finances.

Yar, thats what i thought, if i cannot control my own finance, i would let him control it for me. Maybe when everything goes through him, i wont spend on unnecessary stuffs again since need to go through him for my allowances.

Not sure if he will agree to visit the counsellor though. Dont dare to bring it up at the moment. Will see what Silver Lining says later on when i go over.

 

[lovestarrie]

Good idea!

In that case let’s put the marriage counselling suggestion on the back burner for the time being (KIV). Maybe you can say & do positive things to pacify your hubby and make him feel that he’s the VIP of your life...,Should things not go as plan, it is another option.

Letting your hubby manage all money matters should only be a temporary measure because it is like curing the symptom and not the disease (like taking Panadol for a flu).

As you already have recognised that you have a control issue when it comes to spending, why not also consider seeking professional help for it?

Once the root of your problem is treated you can then move on to managing your own finances.

Yar, im on my way to Silver Lining to have a counselling session. Not sure what will they say, but giving it a try.

I think my partner also no mood to listen to me now given the circunstances. I'll be glad if he didnt chase me out..

 

[lovestarrie]

Good idea!

In that case let’s put the marriage counselling suggestion on the back burner for the time being (KIV). Maybe you can say & do positive things to pacify your hubby and make him feel that he’s the VIP of your life...,Should things not go as plan, it is another option.

Letting your hubby manage all money matters should only be a temporary measure because it is like curing the symptom and not the disease (like taking Panadol for a flu).

As you already have recognised that you have a control issue when it comes to spending, why not also consider seeking professional help for it?

Once the root of your problem is treated you can then move on to managing your own finances.

Just dropped by silver lining and they mentioned they will kiv my case and let me cone home to consider. Because im not a habitual gambler so their courses does not help me. But nonetheless, they can try to nego a mobthly repayment scheme for me but then i will have to pay double of what i owe, which is not worth it. So he suggested me to come back and discuss with my partner and see if he can help to pay off the loans first and ensure i wont go to them again.

I dont know how im going to persuade him, but i will still tell him..

 

[ELKYme]

Pay double of what you already owe? Seriously?

No please, not an option at all.

Is there anyway to borrow from family/friends to clear off this loan?

Just dropped by silver lining and they mentioned they will kiv my case and let me cone home to consider. Because im not a habitual gambler so their courses does not help me. But nonetheless, they can try to nego a mobthly repayment scheme for me but then i will have to pay double of what i owe, which is not worth it. So he suggested me to come back and discuss with my partner and see if he can help to pay off the loans first and ensure i wont go to them again.

I dont know how im going to persuade him, but i will still tell him..

 

[lovestarrie]

Pay double of what you already owe? Seriously?

No please, not an option at all.

Is there anyway to borrow from family/friends to clear off this loan?

Yar, its really not an option at all. Its ridiculous. I only can ask my partner for help at the moment.the counsellor wants me to convince him to help me, but i dont know how to. I still texted him. Sigh.

 

[ssian84]

No point texting but to head to head talk.
If you ask me, the best solution now is to borrow money from friends and family members to clear off current debt and slowly return them since friends and family members won’t charge ridiculous interests, but a simple free meal is awesome.if your man truly loves you and he’s going to stay with you this life, it is best to discuss this matter and find solutions than to roll ball which will become bigger and worse off.
I was in debt before. I was earning like 1.4k/mth but because of schips, I had to cough out $15k knowing that it was a goner $15k. Lucky enough, my friends and brother lent me the sum to pay off. It took me a year to pay back after work two jobs and giving tuitions. Changed my spending habits... when I was in debt, I couldn’t sleep and was thinking how and where to earn more money and where I could cut down to save more money... is a not good situation to be in... you have a man, so discuss and talk to him... start thinking about your spending habit etc...

 

[lovestarrie]

No point texting but to head to head talk.
If you ask me, the best solution now is to borrow money from friends and family members to clear off current debt and slowly return them since friends and family members won’t charge ridiculous interests, but a simple free meal is awesome.if your man truly loves you and he’s going to stay with you this life, it is best to discuss this matter and find solutions than to roll ball which will become bigger and worse off.
I was in debt before. I was earning like 1.4k/mth but because of schips, I had to cough out $15k knowing that it was a goner $15k. Lucky enough, my friends and brother lent me the sum to pay off. It took me a year to pay back after work two jobs and giving tuitions. Changed my spending habits... when I was in debt, I couldn’t sleep and was thinking how and where to earn more money and where I could cut down to save more money... is a not good situation to be in... you have a man, so discuss and talk to him... start thinking about your spending habit etc...

I would have talked to him face to face if he is willing to. But he's not speaking to me, and gone before i wake up, back only when im asleep. Im trying my best to make things work. I dont know how to make things right again..

 

[airtroopers]

Bro there's no cheap and fresh method..unless u can get a loan for full settlement with LML I assure u that plan these organisation offered is the best deal in the market..I do not know what's your arrngement like but I assume it will be 12-24 month settlement right..in the case u really have the ability for full settlement, u can get discount from the LML side. .truth hurts bro..it's going to be hard for somebody to loan u 8k to clear full la..the good thing about this instalment thingy is at least u have peace to work hard as they will not kajiao u after this..they will just go after the association who is in charge of your case
..ps..hdb loan wun be affected as it's only base on your income not other thing.

 

[havetheveryfun]

Bro there's no cheap and fresh method..unless u can get a loan for full settlement with LML I assure u that plan these organisation offered is the best deal in the market..I do not know what's your arrngement like but I assume it will be 12-24 month settlement right..in the case u really have the ability for full settlement, u can get discount from the LML side. .truth hurts bro..it's going to be hard for somebody to loan u 8k to clear full la..the good thing about this instalment thingy is at least u have peace to work hard as they will not kajiao u after this..they will just go after the association who is in charge of your case
..ps..hdb loan wun be affected as it's only base on your income not other thing.

yes true. double the amount to pay back may seem a bit ridiculous at first, but when you think about it, it's only fair. As long as the amount doesn't accumulate any interest anymore and is fixed and let you pay back within your means. the peace of mind is priceless.

 

[jacky5297]

TS you should talk to your Husband before deciding taking the plan. If your husband is willing to see you replaying double the debts and not giving a single cent’s help, I guess you have another problem soon ...

yes true. double the amount to pay back may seem a bit ridiculous at first, but when you think about it, it's only fair. As long as the amount doesn't accumulate any interest anymore and is fixed and let you pay back within your means. the peace of mind is priceless.

 

[havetheveryfun]

TS you should talk to your Husband before deciding taking the plan. If your husband is willing to see you replaying double the debts and not giving a single cent’s help, I guess you have another problem soon ...

not easy as i feel her partner is not angry at her being in debt, but that she didnt tell him earlier about it or be truthful with him when the damage wasn't so much and when the BTO lloan wasn't so near yet.

 

[jacky5297]

It is never easy, but then if I were her husband, I won’t let my wife suffer so much especially it will also affect our life if she choose to take the plan with 2x debts to be paid.

not easy as i feel her partner is not angry at her being in debt, but that she didnt tell him earlier about it or be truthful with him when the damage wasn't so much and when the BTO lloan wasn't so near yet.

 

[havetheveryfun]

It is never easy, but then if I were her husband, I won’t let my wife suffer so much especially it will also affect our life if she choose to take the plan with 2x debts to be paid.

she said it herself, its not the first time she got into such a problem, thats why